If gift of non-taxable item (non specified property like a DVD player), is received by an individual from a friend, and an entry is also passed in his personal books, is it necessary to show it in the income tax return (in income statement ) ?
1 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 16 July 2011
DVD player is neither a cash gift nor its a capital asset, but personal effect for receipent,
also it does not exceeds the amount of 50000/- for taxability of gift , so there is no such compulstion to add it to taxable income.
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